You want to start a consulting business with a partner. How do you choose the right person?

1 Assess your own strengths and weaknesses

Before you look for a partner, you need to have a clear idea of your own capabilities and gaps. What are your core competencies, areas of expertise, and unique value propositions? What are the skills, knowledge, and experience that you lack or want to improve? How do you prefer to work, communicate, and manage your time and resources? By answering these questions, you can identify the qualities and qualifications that you need in a partner.

2 Define your business goals and values

Another key step is to outline your business vision, mission, and objectives. What are the problems that you want to solve for your clients? What are the services that you want to offer and the markets that you want to target? What are the short-term and long-term goals that you want to achieve and the strategies that you want to use? What are the values and principles that guide your work ethic and professional standards? By defining these aspects, you can find a partner who shares your passion and purpose.

3 Evaluate potential candidates

Once you have a clear picture of what you are looking for, you can start searching for potential partners. You can use various sources, such as your professional network, industry associations, online platforms, or referrals from clients or colleagues. You can also consider partnering with someone you already know and trust, such as a former coworker, mentor, or friend. However, you should not base your decision on personal relationships alone. You should also evaluate each candidate based on their skills, experience, reputation, and compatibility with your business vision and values.

4 Conduct due diligence

Before you finalize your partnership, you should conduct a thorough background check on your chosen candidate. You should verify their credentials, references, portfolio, and financial records. You should also review their legal status, tax obligations, and potential liabilities. You should also discuss and agree on the terms and conditions of your partnership, such as the roles and responsibilities, the ownership and profit-sharing structure, the decision-making and conflict-resolution processes, and the exit and dissolution clauses. You should document everything in a written partnership agreement that is legally binding and enforceable.

5 Build trust and rapport

Finally, you should invest time and effort in building a strong and healthy relationship with your partner. You should communicate openly and honestly, respect each other's opinions and perspectives, and appreciate each other's contributions and achievements. You should also collaborate effectively, delegate tasks and resources wisely, and provide feedback and support regularly. You should also celebrate your successes and learn from your failures together. By building trust and rapport, you can foster a positive and productive partnership that can help you grow your consulting business.